AAVE Surges Past Key Resistance Amid Rising CEX Outflows

News

  • Aave (AAVE) price drops 7.6% but remains 131% above July lows.  
  • Significant CEX outflows indicate strong investor confidence in AAVE’s long-term growth potential.  
  • AAVE breaks resistance at $154.21, with bullish momentum aimed at reaching $200.  

On Tuesday, the price of Aave (AAVE) slid by 7.6% to $164.5 after hitting $178 earlier in the week. Despite this pullback, AAVE remains 131% above its July low. 

Data shows that investors are moving their tokens off centralized exchanges (CEX), which is a good sign for long-term holders. Over $6.35 million in AAVE tokens left CEXs this week as AAVE flipped a key resistance level.

Investors Are Bullish Amid Rising CEX Outflows

AAVE has been one of the top-performing DeFi tokens recently. According to Nansen, the token saw a 4.96x increase in CEX outflows, with $6.35 million worth of AAVE moving into self-custody. 

This suggests that holders expect long-term growth. Additionally, the ten biggest accounts purchased AAVE tokens worth $8.4 million. This exceeded sales of $7.8 million, indicating that investors are still confident in AAVE’s potential. Many are betting on a strong DeFi comeback, with AAVE leading the charge.

AAVE Breaks Resistance, Sets Its Sights on $200

Technically, AAVE flipped a key resistance level at $154.21, its high from March this year. The token remains in an uptrend, staying above the trendline that’s been in place since June 2022. Also, AAVE broke above the 25-week moving average, and the RSI is nearing overbought levels.

With this momentum, AAVE could continue its bull run. Buyers now have their eyes on the psychological $200 mark. CoinGlass data shows that open interest in AAVE has remained high, with daily totals above $87 million since mid-August. 

Meanwhile, AAVE’s fundamentals remain strong. The platform has accumulated $12.53 billion in assets, with $8.09 billion borrowed through its services. In the last year alone, AAVE has collected $260 million in fees. This makes it one of the most profitable platforms in decentralized finance today.

The post AAVE Surges Past Key Resistance Amid Rising CEX Outflows appeared first on Crypto News Land.

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